The Charities Property Fund has purchased the freehold investment interest in 113-114 High Street/8 St. George's Street, Winchester from BBC Pension Fund for £2.4 million, reflecting a net initial yield of 6.9%.
A top up payment on settlement of the outstanding rent review will increase the lot size to approximately £3 million.
C&J Clark International Ltd leases the two retail outlets on a 35-year lease from June 1981, with the rear unit sub-let to Sketchley. The property comprises 307.1 sq m (3,306 sq ft) in the front unit and 162.6 sq m (1,750 sq ft) in the rear unit with three flats on the upper floors above the front building.
Savills Fund Management advised The Charities Property Fund. BBC Pension Fund was represented by Knight Frank.